Tether Announces Stablecoin GBPT Pegged to Pound Sterling

Shortly after the release of a stablecoin pegged to the Mexican peso, Tether introduced a new product focused on the British pound. The company’s announcement states that the new stablecoin will hit the market in early July on the Ethereum blockchain.

GBPT will be the fifth fiat-based stablecoin in addition to USDT based on the US dollar, euro-pegged EURT, CNHT based on offshore yuan and MXNT pegged to the Mexican peso.

GBPT will be a stablecoin with a 1:1 peg to the pound, the statement explains. USDT remains the largest stablecoin in terms of market cap, but its dominance has reduced during the most recent market crash as other competitors such as USDC have increased their market share.

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